The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-07-23
X. G. DUN g. CO.'S REVIEW.

Business Progressing Satisfactorily, with q
Larger Volume than One Year Ago.
NEW YORK, July % r.. G. Dun & Co.. in
their weekly review of trade, say: With business
progressing we'll throughout the country, crop
prospects excellent, iron production larger than
at any previous period, and money in abundant
supply. Wall street is disturbed because a dream
it has beer chasing for months suddenly fades
away, and Mr. Garrett announces the failure or
MIR Ives to buy the Baltimore d Ohio. The
incident illustrates the weakness of Wall street
a barometer For four months the street has
been discountng the benehcent results OF this
expected settlement" end all sorts OF pur-
chases, loans, commitments and calculations
ha been based thereon. But for these, the
retention of the Baltimore 81 Ohio by its old
owners would disturb nobody But now ltlga-
ton, involving the value of many properties.
direct and indirect, has been commenced, and
may overcloud them with uncertainty for some
time. and meanwhile no one wants TO buy q
share in a lawsuit.
Wheat at 8lac for No. 9 red winter in July is
lower than It has been before in that month for
more than forty years. and close to the lowest
price for that period In any month. This Is the
direct result of a speculation which drew many
million bushels from farmers hands, where cost
of carrying nothing, into the hands OF
dealers who are anxious to unload before new
wheat comes. The twenty million bushels IN a
few elevators heavier than fifty million
bushels would be in farmers bins. Small pur-
chases from farmers for some time TO come are
probable and the consequent delay In demand
for money to use in crop moving may possibly
be helpful. Prices generally are low, In spite
of many specuations. AS evidence of the
absorption of floating capital, in fixed forms. and
its effects, it may be stated that the same guam
titles of articles, representing nine tenths OF the
aggregate consumption of the country. which
could have been bought year ago for $l0U
would now cost only about $l00 80. and they
were not per cent. higher in January last
So small change in prices, after an expansion
of $65 000 600 during the year in circulation. is
surprising.
Cotton is tending downward with liquidation
following several important failures, but goods
are comparatively scarce and prices well main
tanned. Woolens are, as usual, unsatisfactory,
foreign competition at low prices, com binlng
with slack demand for goods, to discourage
producers. But some kinds OF iron and steel
look stronger, though the market for steel raj 8
seems less firm. A sale of %, 900 tons Bessemer
iron at above $50 is reported, and at the same
time a large sale of rails for Pacific delivery at
prices below current quotations. Reports from
all parts OF the country are uniformly favorable
as to state of trade for the season, and colec-
tons reported good or fair at all points save
two. The crop prospects are also pronounced
more favorable, though the extent of damage
done by drought and insects cannot be de-
termined. Failure to emf cree the interstate
act. as was expected, results IN dis
appointment to some localities; but
the volume Of exchanges aud the returns of rail-
road earnings show that business IS, on the
whole, larger than a year ago. Anxiety about
the supply of money for the fall revives discus
sion of treasury operations, but indications are
that no purchase of bonds will be made if it can
be avoided. The treasury has taken in 81 0O0
600 more than ir has paid out during the past
week-$S00, 600 gold 5000, 900 silver and 5000 900
in legal tenders, but large disbursements are
expected about Aug. j. Exports improve, for
three weeks having exceeded last years by per
cent, against increase of 10 per cent. in
imports Foreign exchange tends upward. how
ever, and some sales of securities on foreign ac-
count are reported. The course of stocks has
indicated hesitation and weakness, and the
narrow bank reserves for the affect with
t1midity most speculative markets.
The business failures for the past seven DAYS
nIer far he Trftn as tnf0 fnr Ean mad
%; total, 172. compared with 179 last week, and
1873 for the corresponding week last year.